# SEC Staff Says Some Crypto Buybacks May Avoid Securities Treatment

By Riza Dagoc

Canonical URL: https://www.tokenpost.com/news/regulation/24249
Published: 2026-09-25T20:07:23.000Z
Updated: 2026-09-25T20:07:23.000Z
Section: Regulation

> New FAQs address buybacks, staking receipt tokens and network development, but the staff says the answers are nonbinding and were not approved by the commission.

SEC staff said Friday that buybacks of certain non-security crypto assets and some staking receipt tokens generally may avoid securities treatment under specified conditions, giving U.S. firms a narrower framework for token programs.

For a functional crypto system, announcing a buyback would not by itself represent a promise to perform essential managerial efforts. The analysis could differ when a network is not functional and the buyback is presented as creating yield or returns for token holders.

The staff also said a staking receipt token tied to a digital commodity not subject to an investment contract may be treated as a digital tool. A protocol-based liquid-staking receipt token may instead qualify as a digital commodity when its value comes from a functional system’s programmatic operation and supply and demand.

The FAQs further state that promoting a system’s current utility, maintaining or improving a functional network, and operating a secondary-market platform do not automatically create securities-law obligations. A trading platform would be treated as a promoter only if it meets the definition in Securities Act Rule 405.

The guidance is nonbinding. The SEC said the Commission neither approved nor disapproved the FAQs, which reflect staff views and do not alter existing law. The analysis relies on the Howey framework and builds on a March 17 interpretive release covering staking receipt tokens.